BoE's Oversight Committee appoints lawyer to lead FX probe

LONDON, March 12 Wed Mar 12, 2014 8:22am EDT

LONDON, March 12 (Reuters) - The Oversight Committee of the Bank of England's governing body has appointed lawyer Anthony Grabiner to lead an investigation into the role of central bank officials in relation to the possible manipulation of foreign exchange rates, the BoE said on Wednesday.

Last week, the BoE suspended an employee as part of an internal review into whether staff turned a blind eye to signs of manipulation in the $5.3 trillion-a-day global market, for which London is the main hub.

Grabiner is a London-based commercial lawyer who has been involved in high-profile litigation cases, the BoE said in a statement.

The conclusions of the investigation are likely to be published only after the conclusion of a separate probe by the Financial Conduct Authority (FCA), Britain's main markets regulator, the statement said. The FCA and the BoE were among authorities to open investigations into the allegations last October.

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